If this was done properly, the Board appointments would have been announced first with the associated raising carried out at a potentially less dilutive price following shareholder approval. This is very borderline as the new appointments only become official following issue of the trance 1 shares. Isn't this still a related party transaction? And why there is an immediate need to raise a further $9 million at 6.5 cents? Who had discretion to allocate this stock?
Ann: Equity Raising and Key Board Appointments, page-32
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